Toscafund Asset Management, a UK hedge fund firm, has unlocked the last of the three funds it had to freeze last year.

The firm's main Tosca Fund, run by founder Martin Hughes, is up by a quarter for the year after falling two thirds in 2008. The Tosca Opportunity Fund, the only fund not locked in 2008, is up 60 per cent compared with a loss of a third last year, and the Tosca Small Cap fund is up more than half.

Toscafund was launched in 2000 after Mr Hughes left Julian Robertson's Tiger Management.